Why did BlueScope shares rally recently?

Deal talk boosted sentiment. The board rejected an offer near $8.8 billion but left the door open to superior bids, which fueled speculation of a higher offer or rival interest. A recent special dividend and tight positioning added support, while investors await February 16 results for guidance on capital returns and portfolio plans.

What should US investors watch with BSL.AX?

Focus on North American exposure, cash generation, and any update on a US unit divestment. These factors influence how bidders price assets and how much value BlueScope can return to shareholders. Also track earnings guidance, capital spending, and steel demand indicators across construction and manufacturing end markets.

Is BlueScope expensive on earnings?

On a trailing basis, the P/E is high, near 153, which reflects mid-cycle earnings. Other markers look more grounded, including an EV/sales around 0.79 and price-to-book near 1.2. In a deal, bidders typically model through-cycle cash flows, synergy potential, and asset quality rather than headline P/E alone.

What is the key near-term catalyst for the stock?

First-half FY26 results on February 16. We are watching segment margins, cash conversion, capex, and any commentary on a BlueScope Steel takeover, capital returns, or portfolio review. Clear direction on dividends or buybacks, and updates on asset strategy, could shift the share’s risk-reward quickly.

Global Market Insights

BSL.AX Stock Today: February 10 — Takeover Buzz Fuels 34% Rally

ByDanny Kontos February 10, 2026February 10, 2026

BlueScope Steel takeover speculation is back in focus after the board rejected an offer valued around $8.8 billion while signaling it is open to superior proposals. Australia-listed BSL.AX remains up about 34% over 12 months, supported by a recent special dividend and tight positioning into first-half FY26 results on February 16. We break down what the bid means, where valuation sits, how a US unit divestment could unlock value, and what US investors should watch next.